Ramoil Management Ltd. Retires 73.5 Million Shares of Common Stock and Develops a Settlement Plan for the Luke Oil Mediation

    LAS VEGAS--Nov. 13, 2001--Ramoil Management Ltd., (Pink Sheets:RAMO) has retired 73.5 million shares.
    30 million were bought back while 43.5 million were cancelled. There are now 80.434 million shares outstanding.
    In addition, management has developed a strategy for a settlement in the Luke Oil Appellate Case in the Southern District of Florida. The settlement will have a positive impact on the repositioning of Ramoil Management Ltd. market capitalization to help consummate four stalled targeted acquisitions that are the equivalent of $5.2 billion once completed.
    "We are satisfied with our hypothetical case studies on these targets," said Gary Walters, CEO. "It only takes two things to happen: (1) Firming up our investment banking commitment of $567 million and (2) a mediation settlement sanctioned by court approval allowing the settlement of all claims pursuant to the accounting footnote in the 15C211 that calls for a restoration of value to shareholders."

    This release includes projections of future results and forward looking statements as that term is defined in section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities exchange Act of 1934 as amended. All statements that are included in this release, other than historical fact, that are forward-looking statements are reasonable; the company can give no assurance that such expectations will prove to have been correct.